Although Adelphia Communications has been clinging to hopes that it can emerge from Chapter 11 as a free-standing company, the MSO acknowledged Thursday that it is exploring a possible sale as part of its reorganization plans.
The operator, which serves north of 5.3 million cable customers, said it plans to determine whether a sale will derive more value to the company's constituencies than the original reorganization plan Adelphia filed in February.
Adelphia said it would conduct "a fair and open sales process."
"We were pursuing a plan of reorganization that called for an independent Adelphia because we believed it was in the best interests of our bankruptcy constituents," said Adelphia Chairman and CEO Bill Schleyer, in a release. "Increasingly, in our continuing dialogue with constituents after filing the plan, it became clear that a broad range of constituents preferred to allow the market to determine the appropriate value for Adelphia."
Adelphia did not disclose who its potential suitors might be. Recent reports have identified Time Warner Cable and Cox Communications among possible buyers.
Despite a potential sale, Adelphia said it continues to pursue approval of an $8.8 billion exit finance package, which would enable it to emerge from bankruptcy as an independent entity.